SANTA CLARA COUNTY, CALIF.— Today, County of Santa Clara County Executive Jeff Smith announced that global professional services firm Alvarez & Marsal Holdings LLC has been retained to conduct a thorough financial analysis of Santa Clara Valley Medical Center. The contract in the amount of $100,000 is for a term of one year. The action was taken so the County can gain a better understanding of the hospital’s fiscal health.

“We are faced with a projected deficit of $250 million for the fiscal year which begins in July,” said Smith. “The County’s General fund historically has subsidized Valley Medical Center. We need to have a clear picture of the overall financial health of the hospital so we can determine how to best structure it to be self-supporting.”

George Pillari, one of the managing directors of Alvarez & Marsal, will lead the initial review of VMC’s financial status.

“We are bringing in a team to conduct a thorough analysis of the financial structure not to run the hospital as has been mis-reported in the press,” said Smith. “In the interim, the transition team will be comprised of County Executive managers. We will decide on next steps, once the analysis is complete.”